The Consumer Financial Protection Bureau (CFPB) released a set of proposed updates to its “Know Before You Owe” mortgage disclosure rule after industry calls asked for greater clarity and certainty on the rule, HousingWire.com reported on Friday. However, despite the welcomed changes, the bureau failed to address one major concern the industry asked for clarity on: the secondary market. After the “Know Before You Owe” mortgage disclosure rule, also called the TILA-RESPA Integrated Disclosures (TRID) rule, went into effect on Oct. 3, 2015, there were initial hiccups and headaches centered on how long loans would take to close, potentially causing a lot of problems for consumers who are strapped for time. But a lot of these have passed, and once those problems subsided, the secondary market mainly was left to experience the biggest pain points from TRID at this point. Among the changes, the industry will be required to heed the original guidance the bureau put out that “examiners will be squarely focused on whether companies have made good faith efforts to come into compliance with the rule.”
